Citi to boost pay for women and minorities

Citigroup announced it will boost pay for women and minorities in an effort to close gaps in the United States, United Kingdom and Germany.

The move follows a Citigroup compensation assessment that found women on average were paid 99 percent of what men were paid. Minorities also were paid 99 percent of what non-minorities received, according to the study.

"As part of this year's compensation cycle, we are making appropriate increases to help close the gaps for women and U.S. minorities," Michael Murray, Citigroup's head of human resources, said in a Monday blog post. "We will also adjust compensation for other individuals where the analysis determined increases were warranted."

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